Fonds-Blog-SJB: Mehr. Als Fonds. Kaufen. Von Gerd Bennewirtz.

unabhaengigkeitFondsAnbieter- GAM: Technologiesektor hat aus Anlegersicht weiterhin PotenzialFortlaufende Nachrichten zur Schulden und Staatskrise.

Cloud-Dienste als viel versprechender Wachstumsbereich

Von den IT-Giganten haben vor allem Facebook und Google noch Luft nach oben

Der Technologiesektor ist aus Anlegersicht enorm breit. Es lohnt sich vor allem, jene spezifischen Teilbereiche genauer anzusehen, die das stärkste zukünftige Wachstum versprechen – etwa die Anbieter von Cloud-Lösungen. Mark Hawtin, Fondsmanager des GAM Star Technology, ist überzeugt, dass die Nachfrage danach in den kommenden Jahren enorm steigen wird. Die sogenannte „Public Cloud“ könnte langfristig eine Billion US-Dollar an Umsatz für die Anbieter dieser Dienstleistungen generieren. Hawtin geht davon aus, dass sich die Cloud-Dienste ähnlich zur Online-Werbung entwickeln werden. „Noch vor 15 Jahren sprach niemand über Online-Werbung. Jetzt wird Facebook dank erfolgreicher digitaler Werbestrategie mit fast 300 Milliarden und Google mit 500 Milliarden US-Dollar bewertet“, so der Fondsmanager.

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Kategorien: Anbieter. Berichten.
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unabhaengigkeitFondsAnbieter-GAM: It is hard to ascertain what the outcome will be of the Greek situation, but it is becoming clearer that despite the hard line being taken by some policymakers, there is a real desire to keep Greece in the eurozone. Whether this is for geopolitical reasons or for fears of the unknowable consequences of a Lehman-type situation it is hard to know, but there does seem to be marked differences in behaviour between finance ministers and their leaders, particularly in Germany. Mr Draghi has also made it very clear that the ECB is not the body to make what is essentially a political decision. We think that a deal will be done at the last moment but see this as a probability, not a certainty.

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Kategorien: Anbieter. Berichten.
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unabhaengigkeitFondsAnbieter-GAM: The euro share class of GAM Star Continental European Equity outperformed the benchmark, the MSCI Europe ex-UK index, by 5.4% in the final quarter of the year, recovering a substantial amount of the underperformance suffered in the earlier part of the year. The key drivers of outperformance were many of our long-held positions that had drifted – and thus de-rated – for much of the year but put in a strong return in the final quarter. Such stocks include Kone, Wirecard, Duerr, Publicis, Inditex and Anheuser-Busch InBev. The market had ignored key fundamental aspects of these companies, such as strong cash generation and high returns on capital employed, for most of the year, but finally started to appreciate these, together with the stocks’ attractive valuations. Another positive was that the fund did not hold any companies operating in the oil or mining sectors. The euro share class of GAM Star European Equity also put in strong numbers, with an outperformance of 4.5% over the three-month period.

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Kategorien: Anbieter. Berichten.
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FondsAnbieter- GAM: Weekly Manager Views

17. Dezember 2014 von um 11:00 Uhr

unabhaengigkeitFondsAnbieter-GAM: We continue to have a negative view of oil stocks and have consequently had very little exposure to them in GAM Star Continental European Equity for the last five years. We do not believe economists have fully discounted the impact of the oil price fall. We think the fall is a highly significant positive for Europe, which is a net oil importer. It is particularly beneficial for four countries that have been historically weak – Greece, Portugal, Spain and Ireland. For example, the Spanish Ministry of Finance estimates that Spain’s 2015 GDP could be boosted by 1–1.5% if we have a perpetuation of cheap oil prices. In Europe, the main economies that have and will continue to be negatively impacted are Norway and Scotland.

Prices at USD 65–70 a barrel mean oil producers are effectively destroying value. The inability to originate cash will inevitably result in balance sheet issues for these companies. Given that oil forward prices are currently below USD 80 a barrel, and that the breakeven price for many producers is over USD 100 a barrel, we are comfortable not owning any of the integrated oil stocks for at least the next two-to-three months. Many of these companies have high operating leverage, meaning a five dollar drop in the oil price will have a disproportionate effect on profitability (as much as a 25% drop for emerging market oil producers).

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Kategorien: Anbieter. Berichten.
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unabhaengigkeitFondsAnbieter-GAM: Auch wenn sogenannte Wearables wie die Apple Watch ein wirtschaftlicher Erfolg werden, sind die damit gesammelten Daten wichtiger als die Hardware selbst. Dieser Ansicht ist Mark Hawtin, Fondsmanager des GAM Star Technology. „Der wirkliche Wert liegt in der Software und in den Netzwerk-Effekten, die durch die breite Nutzerbasis entstehen“, erklärt er. Auch für Investoren erkennt der Experte daher in den Sensoren, die Körperfunktionen und Aktivitäten aufzeichnen, mehr Potenzial als in spezialisierten Geräten. Es sei nur eine Frage der Zeit, bis die Sensoren mit der Kleidung verschmelzen. „Sichtbare Geräte wie Smart Watches und Armbänder dürften daher ebenso schnell aus dem Alltag verschwinden, wie sie aufgekommen sind“, schätzt Hawtin.

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Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter-GAM: GAM Star Technology had a good year in 2013. The themes for 2014 are likely to be more of the same, although there is some hype building around certain parts of the market, which we have to be mindful of. These include areas such as big data (analysis of large / complex data sets), consumer 3D printing and wearable user interfaces. Although the underlying drivers of theseIhre Werbung. Hier? themes have not changed, we need to be cautious about where we choose to invest, avoiding expensive names.

The biggest shift we see across the technology segment is IT moving from being just about the ‘T’ for technology to the ‘I’ for information. This is particularly the case in the big data space. The exponential growth in data and the way that intelligent data analysis can transform businesses is something we are very focused on. Linked directly to data growth is storage. We have heavy investment in storage names, which comprises about 20% of the fund. We believe this is a good way of gaining exposure to the big data theme without being pulled into some of the more hype-driven names, such as Tableau or Splunk. Our view is that we can get low-risk exposure to the theme through storage, without having to overpay for the latest hot idea.

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Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter! Fonds-Anbieter-Pioneer Investments: The US continued its sluggish growth as the elections passed and negotiations regarding the fiscal cliff did not progress. Third quarter US GDP was revised up, but economic data remains mixed. Fortlaufende Nachrichten zur Schulden und Staatskrise.The US stockmarket, as measured by the S&P 500, returned 0.58% for the month of November. The Russell 1000 Value Index (our benchmark) performance was led by Technology, Consumer Discretionary and Industrials. Utilities and Energy were the worst performing sector for the month.

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Kategorien: Anbieter. Berichten.
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